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Is Variable Life Insurance worth it? Like any policy, it depends on the premium you pay and the benefit you get. Of course, your spouse is the only person (or children/estate) that will receive the death benefit so perhaps you will have to ask them?
Keep in mind that there are many account options with a Variable plan and each one has a unique risk.
A full-time broker can review the best plans and you can determine (as can the broker) what is most suitable for you. Without question, they will be your best resource for this question.
Variable Life Insurance is a permanent form of life insurance and it is security. Any use of the separate accounts (excluding the guaranteed interest account) has the potential of market loss. Even the guaranteed interest account is subject to policy expenses that could exceed the interest credited. So it’s important to establish an investors profile addresses risk tolerance and economic goals in creating client product suitability.
Variable life can have tax advantages and indemnification features that may fall within the scope of the investors’ goals and products suitability. In general terms, variable life insurance is a long term product, with surrender charges that could make it unsuitable for clients who need liquidity. If insurance is only being considered for death benefit coverage, there may be better alternatives with other types of permanent life insurance products.
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Keep in mind that there are many account options with a Variable plan and each one has a unique risk.
A full-time broker can review the best plans and you can determine (as can the broker) what is most suitable for you. Without question, they will be your best resource for this question.
Variable life can have tax advantages and indemnification features that may fall within the scope of the investors’ goals and products suitability. In general terms, variable life insurance is a long term product, with surrender charges that could make it unsuitable for clients who need liquidity. If insurance is only being considered for death benefit coverage, there may be better alternatives with other types of permanent life insurance products.